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SYDNEY- The Australian share market closed over one per cent higher after finance sector stocks and Woolworths boosted the market.
At the 1615 AEDT close on Wednesday, the benchmark S&P/ASX200 index was up 51.5 points, or 1.5 per cent, at 3,495.5, while the broader All Ordinaries index lifted
42.8 points, or 1.26 per cent, to 3,435.1.
On the Sydney Futures Exchange, the March share price index futures contract was up 82 points at 3,458 on a volume of 28,701 contracts, according to preliminary calculations.
CMC Markets senior dealer Dominic Vaughan said the local market was driven into positive territory by the financial sector.
"It was a a good day overall," Mr Vaughan said.
"Mainly driven by the financial sector and Woolworths.
"The financial sector was a little bit stronger overnight in the US and we have recovered much of the ground that we lost heavily last Friday ahead of the long weekend."
Mr Vaughan said other stocks, such as BHP Billiton, helped lift the market, as did Woolworths, which gained over two per cent on "good quarter numbers".
"But the main focus is on the finance sector, which has had a good bounce today," he said.
Commonwealth Bank added $1.57, or 6.35 per cent, to $26.31, National Australia Bank gained 71 cents, or 4.1 per cent, to $18.02, ANZ found 81 cents, or 6.53 per cent, to $13.21 and Westpac appreciated 77 cents, or 5.2 per cent, to $15.59.
Locally in the resources sector, global miner BHP Billiton added 52 cents, or 1.77 per cent, to $29.85, while Rio Tinto lost $1.24, or 2.94 per cent, to $40.95.
Woolworths, Australia's biggest retailer, reported an 8.8 per cent lift in first half sales.
It added 61 cents, or 2.33 per cent, to $26.81.
Australia's largest brick maker, Boral, slumped 63 cents, or 15.44 per cent, to $3.45 after slashing its full-year profit guidance by 40 per cent due to the deepening deterioration of the US housing market.
The spot price of gold in Sydney was US$893.95 per fine ounce at 1624 AEDT, down US$13.65 on Tuesday's local close of US$907.60.
Lihir Gold has forecast another large jump in output, to more than one million ounces this year.
The 2009 forecast came after Australia's second biggest gold company said it delivered record production in the fourth quarter of calendar 2008.
Lihir Gold shares were up five cents, or 1.65 per cent, at $3.08.
Among other gold miners, Newcrest fell $1.25 to $31.90 and Sino Gold dropped 13 cents to $4.55.
Newmont Mining Corp will become the sole owner of the Boddington gold mine in Western Australia with its acquisition of AngloGold Ashanti's stake for US$1.1 billion (A$1.66 billion).
Anglo Gold Ashanti was seven cents higher at $8.30, while Newmont shed 51 cents, or 7.74 per cent, to $6.08.
Westfield Group shares were 12 cents, or 0.99 per cent, at $11.98 after announcing on Tuesday a $3 billion cut in asset values for the current year due to the global economic crisis.
Woodside lost 12 cents, or 0.35 per cent, to $34.53 and Oil Search slipped seven cents, or 1.61 per cent, to $4.29.
Santos gained 13 cents, or 0.93 per cent, to $14.09 after saying its proved and probable reserves had increased to over one billion barrels.
Among media stocks, Fairfax was up five cents, or 3.79 per cent, at $1.37 while Consolidated Media also gained five cents, or 2.79 per cent, to $1.845.
News Corp lifted 35 cents to $11.75 and its non-voting scrip was up 16 cents at $10.55.
APN News & Media declined four cents, or 1.93 per cent, to $2.03.
Telstra Corp was the most traded stock by volume with 40.6 million shares worth $151.54 million changing hands.
Its shares gained seven cents, or 1.9 per cent, to $3.75.
Preliminary market turnover was 1.02 billion shares worth $3.72 billion, with 397 up, 443 down and 308 unchanged.
- AAP
